Obszernym fragmentem wpisu jest
podsumowanie w 31 punktach ostatniego raportu Bank
for International Settlements (BIS), które warto przeczytać.
"The
question stems from lengthy (256 page PDF) from the BIS Annual Report (Bank for International Settlements) that stated among
other things "The only source of lasting prosperity is a stronger
supply side. It
is essential to move away from debt as the main engine of growth."
The BIS
slammed the Fed in numerous places and in numerous ways, especially regarding
the Fed's reliance on QE."
"30.
Policy
responses matter too. Central banks find it difficult to operate with policy
rates that are considerably different from those prevailing in the key
currencies, especially the US dollar. Concerns with exchange rate overshooting
and capital inflows make them reluctant to accept large and possibly volatile
interest rate differentials, which contributes to highly correlated short-term
interest rate movements. Indeed, the evidence is growing that US policy rates
significantly influence policy rates elsewhere. Very low interest rates in the
major advanced economies thus pose a dilemma for other central banks. On the
one hand, tying domestic policy rates to the very low rates abroad helps
mitigate currency appreciation and capital inflows. On the other hand, it may
also fuel domestic financial booms and hence encourage the build-up of
vulnerabilities. Indeed, there is evidence that those
countries in which policy rates have been lower relative to traditional
benchmarks, which take account of output and inflation developments, have also
seen the strongest credit booms."
